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In Brief | BANKING

IndyMac sells Pasadena property

July 13, 2007|From Times Wire Services

IndyMac Bancorp Inc., the second-biggest independent U.S. mortgage lender, sold its Pasadena building for $116 million to Wells REIT II.

The sale, which included a provision allowing IndyMac to lease back part of the building, will give the bank a gain of $60 million, IndyMac said in a Securities and Exchange Commission filing.

The company will gain $24 million immediately from the sale, with the remaining amount recognized during its 10-year lease of the property, according to the filing.

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